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API Holdings Ltd (API), a parent company of India’s Largest Digital Healthcare Brand, (PharmEasy) has today announced the signing of definitive documents to acquire a 66.1% stake in Thyrocare Technologies Ltd (Thyrocare) from Dr. A Velumani and affiliates for Rs 1,300 per share aggregating to Rs 4,546 crore.
Docon Technologies Pvt Ltd, a 100% subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake. Whereas, Dr. A Velumani will be separately acquiring a minority non-controlling stake, of less than 5% in API as part of a series of equity investments by existing and new investors of API.
In a statement issued, the company said, “The collaboration between PharmEasy and Thyrocare is unique and transformative for the Indian healthcare sector, consumers, and the entire healthcare ecosystem.”
“The synergies of both, India’s largest digital health platform and one of the largest, cost-effective diagnostics solution providers (by volume) will reimagine and accelerate the delivery of high-quality diagnostic and OPD services across the full continuum of patient care to nearly 800mn Indians,” it added.
PharmEasy’s strong belief and commitment is to provide an integrated digital health platform that enables in democratizing quality healthcare to all Indians, and the company will leverage its deep technology expertise across every single part of the OPD value chain to achieve availability, affordability, and accessibility for consumers.
Speaking on the acquisition, Mr. Siddharth Shah, CEO, API Holdings said, “We are delighted to be partnering with Thyrocare. We will provide a world-class customer experience in diagnostics, rivaling our pharmacy experience by leveraging technology, and building on top of the massive scale & truly pan-India presence of Thyrocare. We aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.”
Commenting on the acquisition, Dr. A. Velumani, Chairman & MD of Thyrocare, said, “I am excited about this relationship, unique of its kind in the Indian Healthcare Industry. The unique reach and strength of Thyrocare in Diagnostics blended with a young and dynamic team of PharmEasy will bring in better healthcare solutions for common man nationwide.”
The transaction is subject to regulatory and other applicable customary approvals.